PGNiG buys stakes in Total’s Norway licenses

12/06/2019 09:16 Energy

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Polish state-controlled oil and gas company PGNiG announced the acquisition of stakes in two licenses owned by French supermajor Total, Kallanish Energy learns.

The company will take a 22.2% interest in the PL146 and PL333 blocks, on the Norwegian Continental Shelf (Ncs), where the King Lear Basin is located.

 

It's expected to hold 98.6 million barrels of oil-equivalent (Mmboe) of gas and condensate. According to the agreement, PGNiG will be able to extract 1.5 Mmboe annually.

 

Norwegian company Aker BP is project operator with a 77.8% interest acquired last October from Norwegian player Equinor for $250 million. Production is scheduled for 2025.

Source: kallanishenergy.com

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